AirAsia X Bhd saw an increase past the RM2 level amid positive market sentiment on Thursday.
Earlier, the company reported its passenger load factor for the second quarter of 2023 jumped 47% year-on-year while seat capacity increased more than 26-fold to 818,422 seats.
It is understood that the increase in seat capacity is the result of the addition of additional aircraft and the expansion of the airline's network.
The low-cost airline also reported that its operations have been improving over the past 12 months with available seat kilometer capacity increasing 25-fold year-on-year to 3.51 billion in the quarter.
This report is seen as positive by investors which also signals that it is getting closer to getting out of its financial problems.
AirAsia X shares soared to RM2.18 at the time of writing, up 38 sen or 20.56%, bringing the market capitalization to RM970.15 million.
This is also the highest level since August 2019 after surpassing the RM2.15 level reached at the end of last May.
While its parent company, Capital A Bhd jumped 8.33% or 7 sen to trade at around 91 sen.
Following the report, Maybank Investment Bank Research has restarted coverage of AirAsia X with a 'buy' rating at RM1.80 and a target price of RM3.58.
